Virginia Insurance Law & Policyholder Protections
Beyond getting licensed, Virginia producers must know the substantive rules that protect policyholders. This chapter covers the state insurance code and the regulator's authority, required policy protections such as the free-look right, replacement safeguards, and the state life and health guaranty association. These are Virginia-specific overlays on the national policy provisions.
The Virginia Insurance Code and Required Provisions
The Virginia insurance code, together with the regulator's administrative rules, governs insurers, producers, policy language, and market conduct. It requires certain consumer protections in individual policies. A key example is the free-look (right-to-examine) provision, which lets a policyowner return a newly delivered individual life policy within a stated period — commonly at least 10 days — for a full premium refund. The code also addresses grace periods, required disclosures, and standard policy provisions.
Replacement and Suitability Safeguards
When existing coverage is replaced, Virginia follows replacement regulations (based on the NAIC model) that require the producer to give the client notice and comparison information, obtain required acknowledgments, and see that the existing insurer is notified so it can respond. Annuity and senior sales carry additional suitability expectations. These rules exist so a consumer is not moved out of good coverage on the basis of an incomplete or misleading comparison.
The Virginia Guaranty Association
The Virginia Life, Accident and Sickness Insurance Guaranty Association is a safety net that pays certain covered claims of policyholders when a member insurer becomes insolvent, subject to statutory dollar limits that vary by benefit type. Importantly, Virginia law prohibits producers and insurers from using the existence of the guaranty association as an inducement to buy insurance or in advertising. It is a backstop for insolvencies, not a marketing tool.
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State-specific details
State exam facts
- State regulator
- Virginia State Corporation Commission, Bureau of Insurance
- Exam vendor
- Prometric
- Prelicensing education
- None
- Passing score
- 70%
Who regulates life & health insurance licensing in Virginia?
The Virginia State Corporation Commission's Bureau of Insurance licenses life, annuities & health agents. Virginia contracts with Prometric — not Pearson VUE or PSI — to administer its licensing examinations.
Does Virginia require prelicensing education for the life & health exam?
No. Virginia is one of the few states that does not require prelicensing education before you sit for the exam; you may schedule directly with Prometric.
How long is my Virginia passing score valid?
A passing score (70%) is valid for 183 calendar days, within which you must submit your complete license application to the Bureau of Insurance.
Sources: https://www.scc.virginia.gov/regulated-industries/bureau-of-insurance/licensed-agent, https://www.prometric.com/exams/insurance-va/
In the Virginia Life & Health Insurance Producer Exam guide: A KEY CONCEPT box, a Common Traps list and a Check Yourself set closing each of the 9 national chapters. Practice here stays free.